Tools: Learn New Words | Secure Password Generator | Startup Tools | PDF Generator

Mutual Savings Bank (Noun)

Meaning

A state-chartered savings bank owned by its depositors and managed by a board of trustees.

Classification

Nouns denoting groupings of people or objects.

Examples

  • The local community established a mutual savings bank to provide low-cost banking services to residents.
  • Mutual savings banks are known for their commitment to serving the financial needs of their members and the community.
  • Unlike commercial banks, a mutual savings bank is owned and controlled by its depositors, not outside investors.
  • To ensure the sound management of the institution, a mutual savings bank typically has a board of trustees elected by its members.
  • Many long-standing mutual savings banks have been successfully converted into stockholder-owned institutions, although this has raised some concerns.

Synonyms

  • MSB
  Copyright © 2024 Socielo Tech. All Rights Reserved. | Privacy Policy | Terms of use